Bithumb to Strengthen Its Cooperation with a Blockchain Firm to Dominate the Security Tokens Market

SEOUL, South Korea, May 21, 2019 /PRNewswire/ — A cryptocurrency exchange, Bithumb (CEO: Jae Won Choi), has sped up its technological developments of STO and in dominating the market with promising blockchain firms from both local and abroad.

Bithumb recently invested in Codebox, a firm that specializes in operating a domestic asset tokenization platform, and signed an MOU with Standard & Consensus (SNC), a firm that provides rating services for Chinese blockchain projects.

Codebox is a firm that provides a complete solution such as issuing and managing security tokens based on real assets like real estate or artwork. Bithumb plans to invest in Codebox and develop technology collectively in areas such as issuing security tokens and establishing platforms through diverse collaborative efforts.

Last April, Codebox launched a mainnet of CodeChain,” a complete blockchain platform for an asset tokenization and exchange services. CodeChain supports digital asset issuance and transactions, as well as polling, dividend distribution, resale, criminal account freeze functions, etc. It also provides a system that protects personal information of the asset holder and allows the user to program the token while upholding legal restrictions.

Bithumb also intends to cooperate with SNC China in areas relating to security token business such as deal sourcing, fund procurement, public offerings, etc. Following the given contract, SNC will be in charge of analysis and assessment of the Security Token Offering (STO) project of seriesOne, Bithumb’s partner firm in the US.

As an organization that rates global blockchains, SNC provides professional and trustworthy investment information to investors. It is the first in the industry to develop a one-stop security token platform that provides general processes including legislative examination, issuance and public offering of tokens, collection of assets, etc.

Bithumb intends to dominate the security token market and become a leading blockchain technology company through the outlined cooperative efforts with Codebox. With STO emerging as a liquidation measure of real assets and its growth potentials evaluated to be significant, global firms and major cryptocurrency exchanges have started to develop platforms aggressively.

Bithumb is currently planning to create a security token exchange in the US with seriesOne, a US fintech firm, and has applied for an Alternative Trading System (ATS) license to the SEC. As a technical partner of seriesOne, Bithumb expects to manage exchange establishment and operation. It is a sole domestic major exchange that is pursuing a security token business abroad.

A Bithumb personnel stated: “Bithumb strives to cooperate with promising startups that have gained recognition for their technology and promote related industries, as well as becoming a firm with leading blockchain technology itself.” He also asserted, “The method that combines cryptocurrency and blockchain with real economy such as security token is believed to determine the success of the blockchain industry.”

Leave a Reply

Your email address will not be published. Required fields are marked *